Stock Market

Good morning, Opening Bell crew. Senior reporter Phil Rosen here. 

Yesterday, Fed Chair Jerome Powell gave a speech at the Economic Club of Washington, saying the stronger-than-expected labor market is going to make the inflation fight difficult.

"It kind of shows you why we think this will be a process that takes a significant period of time," Powell said, adding that the path forward is "probably going to be bumpy." 

Howdy readers. I'm Phil Rosen, reporting from New York. 

On this day in 1940, Disney debuted "Pinocchio," and the nosy puppet became one of the most beloved characters in film history. 

I bring this up because some people say that, unlike the marionette, markets don't lie. 

In that case, it may be wise to heed a key bond market signal that's saying we'll avoid a recession after all.